March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials cont.Santander Issuances SAU 144A bank guaranty unsec. sub. notes5.911s, 2016 (Spain) $500,000 $531,042Sberbank of Russia Via SB Capital SA 144A sr. notes 6 1/8s,2022 (Russia) 220,000 228,493Sberbank of Russia Via SB Capital SA 144A sr. notes 4.95s,2017 (Russia) 320,000 329,920Simon Property Group LP sr. unsec. unsub. notes 5 1/4s, 2016 R 100,000 110,061Simon Property Group LP 144A sr. unsec. unsub. notes1 1/2s, 2018 802,000 790,745SLM Corp. sr. unsec. unsub. notes Ser. MTN, 8.45s, 2018 140,000 164,850Societe Generale SA bank guaranty sr. unsec. notes 2 3/4s,2017 (France) 375,000 385,950Societe Generale SA 144A jr. unsec. sub. FRB bonds 7 7/8s,perpetual maturity (France) 350,000 365,925Springleaf Finance Corp. sr. unsec. unsub. notes 7 3/4s, 2021 50,000 55,375Springleaf Finance Corp. sr. unsec. unsub. notes 6s, 2020 750,000 763,125Standard Chartered PLC 144A unsec. sub. notes 3.95s, 2023(United Kingdom) 650,000 620,907Svenska Handelsbanken AB bank guaranty sr. unsec. notes2 7/8s, 2017 (Sweden) 458,000 477,125Swiss Re Treasury US Corp. 144A company guaranty sr. unsec.notes 4 1/4s, 2042 255,000 237,925TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes8 1/2s, 2018 50,000 54,750Travelers Property Casuality Corp. sr. unsec. unsub. bonds7 3/4s, 2026 110,000 146,907UBS AG of Stamford, CT sr. unsec. unsub. notes Ser. BKNT,5 7/8s, 2017 783,000 897,139US Bank of NA of Cincinnati, OH sr. unsec. notesSer. BKNT, 1.1s, 2017 900,000 901,725Vnesheconombank Via VEB Finance PLC 144A sr. unsec. unsub.notes 6.8s, 2025 (Russia) 2,000,000 1,980,000VTB Bank OJSC Via VTB Capital SA 144A sr. unsec. notes6 7/8s, 2018 (Russia) 1,976,000 2,099,500Wachovia Corp. sr. unsec. notes 5 3/4s, 2017 95,000 107,953Walter Investment Management Corp. 144A company guarantysr. unsec. notes 7 7/8s, 2021 175,000 174,563Wells Fargo & Co. sr. unsec. notes 2.1s, 2017 871,000 891,844Westpac Banking Corp. sr. unsec. bonds 3s, 2015 (Australia) 45,000 46,775Westpac Banking Corp. sr. unsec. notes 4 7/8s, 2019 (Australia) 220,000 244,663Westpac Banking Corp. sr. unsec. unsub. notes 2 1/4s,2018 (Australia) 160,000 160,975WP Carey, Inc. sr. unsec. unsub. notes 4.6s, 2024 95,000 94,962ZFS Finance USA Trust V 144A FRB bonds 6 1/2s, 2037 290,000 310,663Health care (1.0%)69,421,064AbbVie, Inc. sr. unsec. unsub. notes 2.9s, 2022 240,000 230,697AbbVie, Inc. sr. unsec. unsub. notes 1 3/4s, 2017 793,000 795,506Acadia Healthcare Co., Inc. 144A company guaranty sr. unsec.notes 6 1/8s, 2021 220,000 229,625Actavis, Inc. sr. unsec. unsub. notes 4 5/8s, 2042 95,000 90,227Dynamic Asset Allocation Growth Fund 67